Kraft 2005 Annual Report Download - page 54

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MERRILL CORPORATION ABLIJDE// 7-MAR-06 14:42 DISK126:[06CHI5.06CHI1135]DR1135A.;7
mrll.fmt Free: 1405DM/0D Foot: 0D/ 0D VJ RSeq: 1 Clr: 0
DISK024:[PAGER.PSTYLES]UNIVERSAL.BST;51
KRAFT FOODS-FSC CERTIFIED-10K/AR Proj: P1102CHI06 Job: 06CHI1135 File: DR1135A.;7
Merrill Corporation/Chicago (312) 786-6300 Page Dim: 8.250X 10.750Copy Dim: 38. X 54.3
KRAFT FOODS INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS of EARNINGS
for the years ended December 31,
(in millions of dollars, except per share data)
2005 2004 2003
Net revenues ........................................ $34,113 $32,168 $30,498
Cost of sales ........................................ 21,845 20,281 18,531
Gross profit ........................................ 12,268 11,887 11,967
Marketing, administration and research costs ................. 7,135 6,658 6,123
Asset impairment and exit costs ........................... 479 603 6
(Gains) losses on sales of businesses, net ................... (108) 3 (31)
Amortization of intangibles ............................... 10 11 9
Operating income ................................... 4,752 4,612 5,860
Interest and other debt expense, net ....................... 636 666 665
Earnings from continuing operations before income taxes and
minority interest ................................... 4,116 3,946 5,195
Provision for income taxes ............................... 1,209 1,274 1,812
Earnings from continuing operations before minority interest ..... 2,907 2,672 3,383
Minority interest in earnings from continuing operations, net ....... 3 3 4
Earnings from continuing operations ...................... 2,904 2,669 3,379
(Loss) earnings from discontinued operations, net of income taxes . . (272) (4) 97
Net earnings ....................................... $ 2,632 $ 2,665 $ 3,476
Per share data:
Basic earnings per share:
Continuing operations ............................. $ 1.72 $ 1.56 $ 1.95
Discontinued operations ............................ (0.16) 0.06
Net earnings .................................... $ 1.56 $ 1.56 $ 2.01
Diluted earnings per share:
Continuing operations ............................. $ 1.72 $ 1.55 $ 1.95
Discontinued operations ............................ (0.17) 0.06
Net earnings .................................... $ 1.55 $ 1.55 $ 2.01
See notes to consolidated financial statements.
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